[Previous] [Next]

§12A-9-105.


§12A-9-105.
   
   Definitions and Index of Definitions.
   
   (1) In this article unless the context otherwise requires:
   
   (a) "Account debtor" means the person who is obligated on an account,
   chattel paper or general intangible;
   
   (b) "Chattel paper" means a writing or writings which evidence both a
   monetary obligation and a security interest in or a lease of specific
   goods, but a charter or other contract involving the use or hire of a
   vessel is not chattel paper. When a transaction is evidenced both by
   such a security agreement or a lease and by an instrument or a series
   of instruments, the group of writings taken together constitutes
   chattel paper;
   
   (c) "Collateral" means the property subject to a security interest and
   includes accounts and chattel paper which have been sold;
   
   (d) "Debtor" means the person who owes payment or other performance of
   the obligation secured, whether or not he owns or has rights in the
   collateral, and includes the seller of accounts or chattel paper.
   Where the debtor and the owner of the collateral are not the same
   person, the term "debtor" means the owner of the collateral in any
   provision of the article dealing with the collateral, the obligor in
   any provision dealing with the obligation, and may include both where
   the context so requires;
   
   (e) "Deposit account" means a demand, time, savings, passbook or like
   account maintained with a bank, savings and loan association, credit
   union or like organization, other than an account represented by a
   certificate of deposit. A certificate of deposit includes:
   
   (i) an instrument as defined in paragraph (i) of this subsection
   whether the instrument is subject to Section 3-104 of this title or
   not because it is not payable to order;
   
   (ii) a writing that contains both an acknowledgment by a bank as
   defined in subsection (1) of Section 4-105 of this title that a sum of
   money has been received by the entity and its promise to repay the sum
   of money and that is considered to be a certificate of deposit by the
   entity that issues it, even if the writing provides that it is
   "nontransferable" or uses similar language; and
   
   (iii) an uncertificated obligation of a bank as described in
   subparagraph (ii) of this paragraph not represented by a writing but
   only by an entry on the books of the bank and any documentation given
   to the customer of the bank.
   
   A written certificate of deposit shall be considered an instrument
   within the definition in paragraph (i) of this subsection, and an
   uncertificated certificate of deposit shall be considered a general
   intangible;
   
   (f) "Document" means document of title as defined in Section 1-201 of
   this title, and a receipt of the kind described in subsection (2) of
   Section 7-201 of this title;
   
   (g) "Encumbrance" includes real estate mortgages and other liens on
   real estate and all other rights in real estate that are not ownership
   interests;
   
   (h) "Goods" includes all things which are movable at the time the
   security interest attaches or which are fixtures as described in
   Section 9-313 of this title, but does not include money, documents,
   instruments, investment property, commodity contracts, accounts,
   chattel paper, general intangibles, or minerals or the like, including
   oil and gas, before extraction;
   
   (i) "Instrument" means a negotiable instrument as defined in Section
   3-104 of this title, or any other writing which evidences a right to
   the payment of money and is not itself a security agreement or lease
   and is of a type which is in ordinary course of business transferred
   by delivery with any necessary endorsement or assignment. The term
   does not include investment property;
   
   (j) "Mortgage" means a consensual interest created by a real estate
   mortgage, a trust deed on real estate, or the like;
   
   (k) An advance is made "pursuant to commitment" if the secured party
   has bound himself to make it, whether or not a subsequent event of
   default or other event not within his control has relieved or may
   relieve him from his obligation;
   
   (l) "Security agreement" means an agreement which creates or provides
   for a security interest;
   
   (m) "Secured party" means a lender, seller or other person in whose
   favor there is a security interest, including a person to whom
   accounts or chattel paper have been sold. When the holders of
   obligations issued under an indenture of trust, equipment trust
   agreement or the like are represented by a trustee or other person,
   the representative is the secured party; and
   
   (n) "Transmitting utility" means any person primarily engaged in the
   railroad, street railway or trolley bus business, the electric or
   electronics communications transmission business, the transmission of
   goods by pipeline, or the transmission or the production and
   transmission of electricity, steam, gas or water, or the provision of
   sewer service.
   
   (2) Other definitions applying to this article and the sections in
   which they appear are:
   
   "Account". Section 9-106.
   
   "Attach". Section 9-203.
   
   "Commodity contract". Section 9-115.
   
   "Commodity customer". Section 9-115.
   
   "Commodity intermediary". Section 9-115.
   
   "Construction mortgage". Section 9-313(1).
   
   "Consumer goods". Section 9-109(1).
   
   "Control". Section 9-115.
   
   "Equipment". Section 9-109(2).
   
   "Farm products". Section 9-109(3).
   
   "Fixture". Section 9-313.
   
   "Fixture filing". Section 9-313.
   
   "General intangibles". Section 9-106.
   
   "Inventory". Section 9-109(4).
   
   "Investment property". Section 9-115.
   
   "Lien creditor". Section 9-301(3).
   
   "Proceeds". Section 9-306(1).
   
   "Purchase money security interest". Section 9-107.
   
   "United States". Section 9-103.1.
   
   (3) The following definitions in other articles apply to this article:
   
   "Broker". Section 8-102.
   
   "Certificated security". Section 8-102.
   
   "Check". Section 3-104.
   
   "Clearing corporation". Section 8-102.
   
   "Contract for sale". Section 2-106.
   
   "Control". Section 8-106.
   
   "Delivery". Section 8-301.
   
   "Entitlement holder". Section 8-102.
   
   "Financial asset". Section 8-102.
   
   "Holder in due course". Section 3-302.
   
   "Letter of credit". Section 5-102.
   
   "Note". Section 3-104.
   
   "Proceeds of a letter of credit". Section 5-114(a).
   
   "Sale". Section 2-106.
   
   "Securities intermediary". Section 8-102.
   
   "Security". Section 8-102.
   
   "Security certificate". Section 8-102.
   
   "Security entitlement". Section 8-102.
   
   "Uncertificated security". Section 8-102.
   
   (4) In addition Article 1 contains general definitions and principles
   of construction and interpretation applicable throughout this article.
   

[Previous] [Next]